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Midterm

BUS-3250 Study Guide - Midterm Guide: Free Market, Internal Control, Inside Out Music


Department
BUSINESS AND ADMINISTRATION
Course Code
BUS-3250
Professor
Brendan Reimer
Study Guide
Midterm

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Not-for-Profit Management Mid-Term Exam Review:
The Non-Profit Context:
Harmonizing the Economy-John Restakis Reading:
-Reading about the strength of the co-operative movement.
-At a time when Socialism and Capitalism are imperfect systems, the Co-op movement is suggested as
a system worth giving more thought.
-Co-operatives are enterprises that are collectively owned and democratically controlled by their
members for a mutual benefit.
-Much discussion about the free market system and how it has never been an appropriate system for
regulating the economy. “Free” market does not exist as when one of the controls set in place by the
government fails, such as when the regulating bodies did not catch the banks errors in offering sub-
prime loans the whole system fails.
-During the most recent recessions almost all co-ops and credit unions did not need to ask for
governmental intervention in their operations. Their economic model kept them afloat.
-Posses the question as to why if we choose democracy in our political system what is so wrong with
democracy in our economic system?
-Free market means three things: a division of labour, the accumulation of wealth through economic
development, and the freedom of enterprise.
-Restakis believes that the use of co-operation as a model for economic and social exchange and the
use of reciprocity as the basis for both economic and social reform is the way to go.
Uncharitable by Dan Pallotta Reading:
-More chances than ever before to have a world free of hunger, cancer, AIDS, etc. What stands in the
way is the definition of morality itself.
-Non-Profit means non-progress. This term apologizes for itself before it even begins.
-America most charitable country in the world and people by and large want to progress charities in
order to progress those in need they serve.
-There is a “non-profit ideology” that has been forced down on these organizations that makes
completing their mission a difficult task. Ex. Can't take risks because this may lead to losing money
which could go to the needy. Shouldn't advertise heavily for the same reason.
-Charity often denied the same benefits as for-profit companies (high paid executives) which put them
at a severe disadvantage.
-Charities told to act like a business but simply only in the efficiency model not in other important
aspects.
-Some charities are becoming flexible and venture philanthropists by investing in infrastructure and
economically risky but rewarding investments. However, society as a whole still does not view this as
acceptable.
-Charity comes from the greek word for “grace” or “love”. Charity come a long way from individual
to industrial but views have not.
-Puritans and Christian views were the stems of charity as we know it today.
-Puritans were obsessed with efficiency, a male dominated culture. Had a view that God chose who
would be saved by his grace. Created a conversion anxiety where people did not know if they were
part of this select group.
-Puritan ideas laid the foundation for charity and non-profit but we need to move away from them.
Self-interest should not mean you do not care or are not acting in a charitable fashion.
-Ask Steven if this is the jist of it...?

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Setting Direction:
Chapter 1: Establishing the Organizations Direction:
-Mission is a blue-print for action.
-Strategic Planning and Management:
-Can help focus and refocus an organizations vision and priorities.
-To define mission need to have leadership commitment, choose participants, and conduct
research (history and profile of org. And environment).
-2 to 3 day retreat often beneficial. First mission statement developed or revised. Then
assessment of internal and external factors and how they will affect mission. Then goals and plans
developed (strategic plan, implementation plan, operational plan, monitoring)
-Strategic Plan: Tool that guides decision making by the organization's leaders on issues that are
fundamental to the organization, containing mission statement, principles, goals, and strategic
objectives.
-Keys to success: Flexible and an ongoing continuous process.
-Operational Plan: Specific actions that must be taken to accomplish each objective identified in SP.
-Need not just inside leadership involvement but also outside directors. Stakeholders or visionaries
outside of organization that may challenge status quo.
-Outside facilitator may want to be used in strategic planning process or retreat. Benefits on Page 6.
-Conduct an environmental Analysis: Key to understand the internal aspects of the organization and
the external trends/issues (demographic, technological, economic, political, etc.) in society that may
impact the organization.
-Plan and organize Retreat:
-A Retreat away from the office. Use of a facilitator may help (develop agenda)
-Test the Outcomes of your Environmental Analysis: Do a SWOT Analysis of the trends/issues.
-Determine issues which require immediate action: identify those opportunities and threats that
need immediate action and develop a way to stay on top of monitoring the environment.
-Identify leaderships vision: how would you like to see the organization in the future?
-Develop scenarios for the future:
-Review mission statement: Ensure it is clear and concise.
-Mission Statement: Sets for the organizations purpose and philosophy. Brief but
specifies the fundamental reasons for the organizations existence; establishes scope; and identifies
unique characteristics of the organization.
-Tips for making mission statements more effective:
-Make changes when necessary.
-Identify organizations principles (statements that identify the
philosophical guidelines for all the organization's activities (values and beliefs)).
-Specify targeted goals for the organization. Goals are a limited number
of statements that translate the associations mission into major policy directions.
-Translate leaderships vision into strategic objectives: from the mission,
principles, and goals strategic objectives should be developed which state the major accomplishments
that will be achieved over a specified period of time.
-Develop a 3-5 year plan based on strategic objectives.
-Strategic Plan should include an introduction, mission statement, statement of principles, statement of
goals, and strategic objectives.
-Clear communications should be in place to provide clarity to organization as to where the strategic
plan has come from. Closely monitored.
-Implementing the Strategic Plan:
-Operational plan should accompany one. Describes the specific actions that must be taken to
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